Phoenix office market

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Downtown office market, is booming. Article centers around the sale of 111 monroe, 18 story office building that sold for 20million not even two years ago. Now sold for 40million! That's a huge return. BLC a San Diego firm bought the building, which is not even half occupied. The company intends to invest or build $250mil, in Downtown Phoenix in the coming year. Vacancy rates in Phoenix are %5.5 percent. The lowest in the Valley. The article compares other areas of the valley's vacancy rates as well.

LRT is sighted as a big factor why companies are moving downtown. My question is if the office market is so hot, why aren't we seeing more office projects being built there? %5 is definately at the threshold where the demand for more space goes up, and more buildings get built. Why are companies still putting so much office space outside Phoenix? Cityscape will probabally get built, possibly even started within the year. I'd love to see a few more high rises go up.